Griffin Asset Management Inc. Has $2.36 Million Stake in The Cigna Group (NYSE:CI)

Griffin Asset Management Inc. increased its stake in The Cigna Group (NYSE:CI) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,486 shares of the health services provider’s stock after purchasing an additional 157 shares during the period. Griffin Asset Management Inc.’s holdings in The Cigna Group were worth $2,356,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in The Cigna Group in the fourth quarter valued at $29,000. VisionPoint Advisory Group LLC boosted its stake in shares of The Cigna Group by 112.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock worth $30,000 after buying an additional 55 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of The Cigna Group by 69.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Pineridge Advisors LLC acquired a new stake in shares of The Cigna Group in the fourth quarter valued at about $37,000. Finally, Pacifica Partners Inc. raised its holdings in The Cigna Group by 73.2% during the fourth quarter. Pacifica Partners Inc. now owns 142 shares of the health services provider’s stock worth $43,000 after acquiring an additional 60 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Oppenheimer increased their price objective on The Cigna Group from $370.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Piper Sandler began coverage on shares of The Cigna Group in a research report on Wednesday. They issued an “overweight” rating and a $400.00 price objective for the company. Robert W. Baird began coverage on shares of The Cigna Group in a report on Thursday, May 30th. They issued an “outperform” rating and a $388.00 target price on the stock. Morgan Stanley reiterated an “overweight” rating and set a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Finally, Baird R W upgraded The Cigna Group to a “strong-buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, The Cigna Group currently has an average rating of “Buy” and an average price target of $376.20.

The Cigna Group Stock Performance

Shares of CI traded down $3.58 during mid-day trading on Friday, hitting $330.57. 2,645,258 shares of the company’s stock were exchanged, compared to its average volume of 1,508,288. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.75. The firm has a market cap of $93.91 billion, a price-to-earnings ratio of 27.12, a price-to-earnings-growth ratio of 1.02 and a beta of 0.53. The stock’s 50-day simple moving average is $341.23 and its 200-day simple moving average is $332.90. The Cigna Group has a 52 week low of $253.95 and a 52 week high of $365.71.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30. The firm had revenue of $57.25 billion for the quarter, compared to analyst estimates of $56.59 billion. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The company’s revenue was up 23.2% on a year-over-year basis. During the same quarter last year, the company earned $5.41 EPS. On average, equities research analysts expect that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Tuesday, June 4th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, June 4th. The Cigna Group’s payout ratio is 45.98%.

Insider Activity at The Cigna Group

In other news, insider Noelle K. Eder sold 10,700 shares of The Cigna Group stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total transaction of $3,728,629.00. Following the sale, the insider now directly owns 15,824 shares of the company’s stock, valued at $5,514,189.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other The Cigna Group news, Director Elder Granger sold 547 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $331.38, for a total value of $181,264.86. Following the sale, the director now owns 5,471 shares in the company, valued at approximately $1,812,979.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Noelle K. Eder sold 10,700 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total value of $3,728,629.00. Following the transaction, the insider now owns 15,824 shares of the company’s stock, valued at $5,514,189.28. The disclosure for this sale can be found here. Insiders have sold a total of 22,988 shares of company stock valued at $7,975,726 in the last 90 days. 0.60% of the stock is owned by corporate insiders.

The Cigna Group Profile

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.